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These laws will ban rewards for spending money within a game for the first time, ban rewards for buying consecutive microtransactions, and ban rewards for daily log-ins.
Well China doesn’t like companies having power so this is a way to neuter them, especially in response to trying to limit online game consumption already.
Edit: Tencent is apparently the most profitable company in china right now so this is a direct attack at their profits most likely, not just China doing good
Edit2: This video goes into it a bit https://youtu.be/uieLEIVlQgc?si=mNiOlXPn9k7V6XX-